Exemptions from tax, also known as non-taxable income, refer to the income that is not subject to income tax. This income may be exempt from tax for a variety of reasons, such as being below a certain threshold or being earned through certain sources. In this article, we will delve deeper into the concept of […]...

Will the government be the key contributor or the private sector towards the next 5 years taking India to the mark of $5 trillion? We have been hearing a lot of wealth outfits and their respective sales team speaking about the current ranking of India being the 5th largest economy on the planet. Well, others […]...

In order to boost exports from India, the Government of India has come up with different Export Promotion Schemes which are concerned with the development and regulation of foreign trade by facilitating imports into and augmenting exports from India....

The FTDR Act contains the provision for appeal for obvious reason & I have been pursuing for long that the Foreign Trade Policy as well as the Handbook of Procedures contain specific details about the appeal but then the DGFT would avoid any accountability therefore the appeal is only specifically allowed in respect of RCMC […]...

EPCG authorization/scheme is a very lucrative and gainful scheme if it is used rightly by the eligible company/firm. In our varied sectors of experience, we have observed that due to convolutions in the computation and maintenance of Average Export Obligation under the EPCG scheme, many companies had to return duty saved under the EPCG a...

According to DGFT Notification No. 11/2015-20, issued May 25, 2022, imports of goods covered by Chapter 48 (totalling 201 tariff lines) of Schedule-I (Import Policy) of ITC (HS), 2022, are permitted but subject to mandatory registration under the Paper Import Monitoring System (PIMS). For the import of commodities covered by Annexure-A, t...

As per the mandate of the Parliament, the DGFT is the facilitator & therefore the name change to Director General of Foreign Trade took place as early as 1993 but it appears that till date what is facilitation is not understood in the right perspective. To my mind name change has made no difference because […]...

It is mandatory for all importers and exporters in India to have an IEC number. This number can be obtained from the DGFT by submitting the required documents, such as the PAN card, GST No., and other documents. The IEC is valid for one year and needs to be renewed every year....

1. The Central Government has made some amendments under Foreign Trade Policy, 2015-2020, under Chapter 1 and Chapter 2 of FTP, 2015-2020, through the Notification dated 12th February, 2021. 2. Following are the amendment under FTP, 2015-2020:- FTP Para no. Pre- Amendment Post Amendment 1.11 Issue of e-IEC (Electronic –Importer Exporter...

Given the current Geo-Political and Economic Situation prevalent across the Globe, US Sanctions on use of US Dollar for Transactions with Iran & Russia and considering the continuous weakening of the Indian Rupee (INR), and to promote growth of global trade with emphasis on exports from India and to support the increasing interest of ...